Sensex bounces 130 pts, banking shares jump

The benchmark Sensex surged over 130

points in the opening session today, shaking off its earlier

weakness, as oil and banking shares took spotlight.

The broader NSE Nifty regained the 9,900-mark.

Expectations built up that today's meeting of the GST

Council may provide some relief to exporters and SMEs in terms

of faster refunds and compliance.

The 30-share index rebounded by 130.10 points, or 0.41

per cent, to 31,722.13. The gauge had lost 79.68 points in the

previous session after investors shaved off profit.

Reflecting the widespread recovery, all the sectoral

indices led by consumer durables, metal and oil and gas were

trading in the green, adding up to 1.01 per cent.

The NSE Nifty also moved up by 40.80 points, or 0.41 per

cent, to quote at 9,929.50.

Traders said gains at most Asian markets tracking

rallies on Wall Street following more buoyant US data and

hopes of tax reforms bolstered trading sentiment here.

Big gainers in the Sensex kitty included ONGC, Tata

Steel, Adani Ports, NTPC and SBI, rising up to 1.55 per cent.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.36 per

cent and Japan's Nikkei was up 0.25 per cent in early deals.

Financial markets in China are closed for a week-long holiday.

US Dow Jones Industrial Average rose 0.50 per cent to

close at another record high yesterday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)